On December 4th, Liu Yan, deputy general counsel of the International Monetary Fund (IMF), said in an interview that when talking about digital currencies or other financial technologies, it is inevitable to talk about legal issues. What does it mean to have a stablecoin? What recourse does the holder have against the issuer? For example, what is the significance of the central bank issuing digital currencies? She believes that the definition of digital currencies at the legal level is the basis for regulation, because these digital currencies may be a means of payment, or a commodity, a deposit, or an investment tool. So the legal nature of digital currency will directly affect the regulatory model for these products or commodities.